June 2, 2021 - Small Business Administration Administrator Isabella Guzman approved a disaster declaration for damages resulting from severe storms and tornadoes, which occurred March 27, 2021 in Panola County. This makes SBA programs available in Panola County and all contiguous counties.
SBA offers low interest, long term loans to businesses of all sizes, private non-profit organizations, homeowners and renters who need help to recover from the storms. We can lend up to $200,000 to homeowners to make repairs to their primary residences and up to $40,000 to help homeowners and renters replace their personal property in Harrison, Panola, Rusk and Shelby counties in Texas; and Caddo and DeSoto parishes in Louisiana.
SBA offers up to $2 million to businesses and private non-profits for both physical and economic injury to businesses to help them recover. A business may not have had physical damage, but suffered economic losses in the days after the storms. For this reason, we offer Economic Injury Disaster Loans (EIDLs) in Panola and the surrounding counties.
The application deadline for property damage is July 26, 2021. The deadline for businesses who suffered economic damage to return economic injury applications is February 28, 2022.
Residents and businesses should first file their insurance claims. They should not wait for their insurance to settle before applying for SBA assistance.
In consideration of the public health concerns due to the Coronavirus pandemic, on Tuesday, June 1, 2021, SBA established a Virtual Disaster Loan Outreach Center (DLOC) to help businesses, homeowners and renters. Customer Service Representatives will be available to business owners and individuals to answer questions about SBA’s disaster loan program, explain the application process and help each person complete their electronic loan applications.
Virtual Disaster Loan Outreach Center
Monday – Friday
8 a.m. – 8 p.m. EDT